"Collectibles" held long-term and sold at a gain are subject to maximum tax rate of 28%.An individual taxpayer recently sold a baseball card for $400.The card had been held for several years and $40 was originally paid for it.The card depicts a famous baseball player (who hit 73 home runs in a recent season) when he was a rookie in the major leagues.Explain why the baseball card is or is not a collectible.

Question

Quizplus · Accepted Answer

The Answer of "Collectibles" held long-term and sold at a gain are subject to maximum tax rate of 28%.An individual taxpayer recently sold a baseball card for $400.The card had been held for several years and $40 was originally paid for it.The card depicts a famous baseball player (who hit 73 home runs in a recent season) when he was a rookie in the major leagues.Explain why the baseball card is or is not a collectible.

"Collectibles" Held Long-Term and Sold at a Gain Are Subject